Dodd boards the Obama train

Sen. Christopher Dodd (D-Conn.) rejected entreaties from the Clintons and will endorse Sen. Barack Obama. (D-Ill.) for president at a Cleveland press conference this morning, Democratic officials tell Politico.

Dodd, who has some of the world’s wealthiest constituents and is chairman of the Senate Banking Committee, can provide Obama with red-carpet access to Wall Street.

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Dodd’s nod is the first from the major runners-up for the Democratic nomination. John Edwards, Sen. Joseph Biden and New Mexico Gov. Bill Richardson are still being eagerly courted by Obama and Sen. Hillary Rodham Clinton (D-N.Y.).

The decision by Dodd reflects the momentum of the Obama campaign, which has been steadily adding establishment support – most notably, Sen. Edward Kennedy (D-Mass.) – to its grassroots juggernaut.

As president, Bill Clinton named Dodd general chairman of the Democratic National Committee.

The announcement gives Obama a lift on the day of the final scheduled debate of the primary season, to be aired live from Cleveland tonight from 9 p.m. to 10:30 p.m. on MSNBC.

The Ohio primary – make-or-break for Clinton, who has a shrinking lead in polls – is a week from today.

Dodd dropped out of the race in early January, immediately after finishing sixth in the Iowa caucuses.

The endorsement provides Obama with the imprimatur of a recognized Democratic leader in foreign affairs who is saying that Obama is ready to be commander in chief and diplomat in chief.

A former Dodd campaign official said the senator has been impressed by Obama’s “growth.”

“He had the opportunity to watch Obama at very close range for many, many months, and he was just enormously impressed by Obama’s growth, his intellectual heft, strength, and his vision and leadership,” the former official said. “He’s absolutely convinced of Obama’s capacity to run this country’s foreign and military affairs.”